10 Apr '18, 7am

*cough >>#China may seek extra Iran, Russia crude after #Saudi nomination cut for May

China state-run refiner Sinopec will cut back on its nominations of Saudi Arabian crude in May after the major OPEC producer's latest official selling prices came out above market consensus, potentially providing other producers in the Middle East and Asia Pacific with a chance to boost sales to the giant Asian consumer. Sinopec, one of Saudi Aramco's biggest customers, has opted for lower nominations in May in response to the higher-than-expected OSPs; the Chinese end-user will take 40% less volume than allocated in the month across all Saudi export grades, an official at the company's trading arm Unipec told S&P Global Platts Tuesday. Late last week, Saudi Aramco lowered the majority of its OSP differentials for crudes heading to Asia in May from April levels, but several Asian end-users were still disappointed, as they had expected much bigger cuts. In addition, Aramco ...

Full article: https://www.platts.com/latest-news/oil/singapore/analysis...

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